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CONGRESS

Senate Approves Resolution to Overturn CFPB Data Collection Rule

The Senate yesterday voted 53-44 to approve a resolution of disapproval seeking to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses. The legislation passed with Republicans and a few Democrats and independents voting in favor of it.

S.J. Res. 32 by Sen. John Kennedy (R-La. would need to be approved by both houses of Congress and signed by the president to overturn the rule. An identical resolution has been introduced in the House and has passed out of committee. President Biden is expected to veto the legislation. Read more.

FRAUD

FTC: Fraud Losses Among Older Adults Increased in 2022

Older adults reported losing more than $1.6 billion to fraud in 2022, with the actual figure possibly as high as $48 billion given most fraud is not reported, the Federal Trade Commission said yesterday in an annual report to Congress. The FTC analysis found that individuals age 60 or older were less likely to report fraud than younger people but reported losing substantially more money. Consumers age 80 and older reported losing a median of $1,750 to fraud, while those in their seventies reported a median loss of $1,000, with both numbers increasing since 2021.

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Older adults reported losing $404 million in investment scams, up 175% from 2021. They also reported losing $271 million to business impersonation scams, up 78%, and $159 million to tech support scams, up 117%. Older adults filed the largest number of reports about online frauds, although the largest median losses started through phone calls. Read the report. Learn more about ABA’s Safe Banking for Seniors program. Read the report.

REGULATORS

Watchdog Agency Criticizes FDIC Approach to Crypto Supervision

The FDIC’s lack of clear guidance for digital assets creates uncertainty for financial institutions in determining the appropriate actions to take in adopting and safeguarding the technology, the agency’s Office of Inspector General concluded in a new report. The OIG found that the FDIC has started to develop and implement strategies that address the financial risks posed by cryptoassets. However, the agency has not assessed the significance and potential effects of those risks, and its process for providing supervisory feedback for institutions’ crypto-related activities is unclear, according to the report. Read the report.

ECONOMY

Fed’s Waller Suggests Wait-and-See Approach to Future Rate Hikes

The Federal Open Market Committee has room to “wait, watch and see” what the economy does before deciding whether to once again raise the federal funds rate, Federal Reserve Governor Christopher Waller said. During a speech in the U.K., Waller pointed to several economic factors that showed progress in the Fed’s battle against inflation, but he also cited causes for concern, such as a recent jump in housing services prices and the fact that inflation has proven stubbornly persistent. Read the remarks.

GRASSROOTS

MBA Supports MSHDA Efforts on HB 5032

Last Thursday, there was an extension of official support for an MSHDA initiative aimed at altering the fixed dollar amount for maximum purchase price or appraised value on certain loans under the State Housing Development Authority Act. The proposed change would transition it from a fixed sum to a percentage based on the applicable average area purchase price. Additional proponents of this bill encompass Michigan Realtors, the Home Builders Association, various other business stakeholders, and the regional chamber of commerce.

GRASSROOTS 

MBA Supported POA Up for Approval in Senate Committee Wednesday

HB 4644-4646, previously approved by the Michigan House of Representatives, were reported with unanimous support and a recommendation for passage to the full Senate this week. The package will codify the Uniform Power of Attorney (POA) Act in Michigan, simplifying and standardizing the requirements for accepting a POA document.

GRASSROOTS 

MBA Supports Economic Development Bills

MBA began the week with a 9:00 a.m. legislative meeting with the House Economic and Community Development Committee, during which we expressed support for HB 5099-5102. These bills aim to provide tax incentives for specific research and development activities, benefiting both small and large businesses. Extending these tax credits to small businesses is intended to stimulate economic growth on Main Street. MBA Commercial Lending subject matter experts believe that the potential positive impact on bank customers could be substantial.

ACRE

Access to Credit for Rural Economies Update

The ABA shared this week that Congressman John Moolenaar has joined Congressman Bergman as the second member of the Michigan delegation to sign on as a cosponsor to the ACRE (Access to Credit for Rural Economies) Act to exclude interest received on loans by rural or ag real estate from gross income for banks.

FINANCIAL LITERACY

MBA Attends Financial Literacy Tour

This past Friday, Patricia Herndon, Chief Policy Officer, on behalf of the MBA along with area bankers from Huron Valley State Bank, Huntington, and Chase, supported Chairwoman Carter’s Financial Literacy Tour's end in Pontiac. The event, heavily sponsored by our industry, brought lenders, business incubators, CDFIs, and others to promote literacy, business development and growth.  

FHLBI

Voting Closes October 26

Please vote in the FHLBank Indianapolis 2023 Michigan Member DIrector election. Voting closes on October 26. For questions or assistance with the election, contact FHLBank Indianapolis Corporate Secretary Lyndsay Miller at election@fhlbi.com.

CREDIT UNIONS

ABA Survey: Public Believes Credit Unions Should be Treated Like Banks 

U.S. consumers are generally unaware of the differences between banks and credit unions, and they believe credit unions should be held to the same standards as the banks, according to a new survey conducted by Morning Consult on behalf of ABA. A majority of respondents (62%) said that Congress should examine whether credit unions are providing enough community benefit to warrant their existing tax exemption, while only 14% opposed such an examination. Read more.

ECONOMY

Philadelphia Fed’s Harker Suggests Holding Interest Rates at Current Level

The Federal Reserve should leave the federal funds rate at its current level as the full effects of higher rates will take time to materialize, Federal Reserve Bank of Philadelphia President Patrick Harker said yesterday. In a speech at a banking conference in Philadelphia, Harker said that economic and financial conditions are evolving “a tad better” than he expected since the Federal Open Market Committee last raised rates in July, when it set the target range at 5.25% to 5.5%. Read more.

CONGRESS

ABA Urges Lawmakers to Support Creation of CDFI Investment Tax Credit

ABA yesterday expressed support for a proposed bill to create a tax credit for investments in community development financial institutions and minority depository institutions. In a statement to the Senate Banking Subcommittee on Housing, Transportation and Community Development, ABA said the Community Development Investment Tax Credit Act could address issues of economic inequality, access to financial resources and economic revitalization in underserved communities. The subcommittee held a hearing yesterday on CDFIs. Read more.

REGULATORS

Fed’s Bowman Seeks ‘Sensible’ Regulatory Framework for Digital Assets

Stablecoins and other digital assets pose risks to consumers and the U.S. banking system, so the providers of those services should be held to the same standards as banks, Federal Reserve Governor Michelle Bowman said yesterday. Speaking during an event on the possibility of a central bank digital currency, Bowman reiterated her skepticism about the need for a CBDC in the U.S., saying that the digital currency could result in unintended consequences for the nation’s banking system and carries “considerable” consumer privacy concerns. She also had concerns about the growing use of stablecoins and other digital assets as a form of payment. Read more.

DIVERSITY, EQUITY & INCLUSION

MBA INAUGURAL DEI Forum

FREE | Virtual

Join us on November 15th at 11:00 a.m. for a virtual MBA Diversity, Equity & Inclusion (DEI) Forum. This forum will provide a valuable platform for our members to engage in discussions, exchange insights, and share experiences related to the implementation of DEI principles in both the workplace and personal lives. It's an excellent opportunity to learn and adopt best practices in this important area.

Have questions? Contact Ashley Beesley at abeesley@michigan.bank.

GRASSROOTS

Grassroots Corner

Are the below legislators not your legislators? If not, click on the links to search for your State Senator and State Representative. Find your State Senator. Find your State Representative.

PROFESSIONAL DEVELOPMENT

PROFESSIONAL DEVELOPMENT

Careers in Banking

Please let us know if we can assist you with materials for your HR team at career fairs. We have job descriptions, careers in banking PowerPoints, lifecycle of a banker guides, women in banking fact sheets, internship guidelines, etc. Please contact us at sfisher@michigan.bank. 

PROFESSIONAL DEVELOPMENT

138th MBA Annual Convention

Federal Reserve of Minneapolis Chairman Neel Kashkari and Juliann Thurlow, ABA Chairman, and CEO, of Reading Cooperative Bank have been confirmed as speakers for the 138th Annual Convention, June 19-21, 2024. Make plans to join us on Mackinac Island. 

PROFESSIONAL DEVELOPMENT

Leadership Development Program 2024

A reality-focused, action-oriented program for experienced and emerging leaders who are ready to take their leadership influence and results to the next level. This program offers hands-on, pragmatic solutions to build managers and leadership teams that will make your business flourish. Eight, live sessions starting February 1, 2024. A mix of in-person and virtual workshops. 

PROFESSIONAL DEVELOPMENT

Click on the graphic below to learn more about the workshop.

PROFESSIONAL DEVELOPMENT

Check Fraud and Physical Security Workshop – December 12

Highlights include:



• Understanding the Role of “Deter, Detect, Delay, and Defend” in Your Bank Strategies

• Insight into the Criminal Mind and How They View Your Crime Prevention Efforts

• Hot Off the Press Check Fraud Schemes Targeting Banks
• Techniques and Terminology to Dissect Fraud Schemes
• Recruiting Co-Conspirators – From Your Customers to Your Employees
• Use of Telegram, Cash App, Zelle and Deposit Policy Loopholes
• Distinguishing Customer Accounts: Collusive or Victim?
• Tips to Recover Your Stolen Funds – Following the Money

MBA SERVICE CORPORATION ENDORSED PARTNER

The Latest from Bankers Alliance

View the Compliance Alliance Question of the Week.

Banking Matters Podcast - Learn about today’s financial trends, topics, and practical matters on the Banking Matters Podcast. Listen to new episodes every Monday! Listen now.

This week on LinkedIn...

Happy #MBAMemberoftheWeek! Today, we are celebrating Warner Norcross + Judd. With more than 220 attorneys and eight offices throughout the state, Warner Norcross & Judd provide their clients with multidisciplinary expertise in virtually all areas of the law needed to meet their legal needs. Whether operating in a corporate, financial, manufacturing or high-tech environment, Warner has the skills and experience to ensure your success. Learn more: www.wnj.com

🐶🏦 At the Michigan Bankers Association, we had the most PAWsome day...we celebrated Take Your Dog To Work Day! 🐾 Our furry colleagues added a whole new level of cuteness and camaraderie to the workplace.

From tail-wagging greetings in the morning to impromptu lunchtime fetch sessions, it's been a day filled with smiles and furry friends. 🐕❤️

#FrameOfMindFriday Here are 5 Ways to Avoid Burnout. Learn more: https://conta.cc/3EIoxVq

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